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To do interest of a number, you have to use the formula prt=i, or principle times rate time equals interest. The principle is the dollar amount. Like for example, I'm going to say I'm borrowing $10,500 from the bank. The rate is the percent. For example, I'm going to borrow that $10,500 at a rate of 16%. The time is the amount of years you will be borrowing this money. (Or if it gives it to you in months, put the number of months over 12, or if it gives you weeks, put that number over 52, etc..) So, I'm going to say I'm borrowing $10,500 at a rate of 16% for 3 years. In the example I've given, you would just multiply 10,500 times 16% (or .16) times 3. After you multiply the three numbers, you get $5,040. That's the interest, but then when you pay the bank back, you will have to pay them $15,540. (The original amount you borrowed plus the interest.)
What else can I help you with?
What is earning interest on interest?
Compound interest. This is where you work out the interest on a number, then work out the interest on top of the number with the interest added.
The number of payments in future cash flow has what relationship to interest rate?
The number of payments is directly related to the interest rate.
If the number of periods is known how is the interest rate determined?
The number of periods and the interest rate are quite independent of one another.
How does simple interest work?
Multiply together the capital, the interest rate (as a fraction) and the number of periods to find out the interest.
The concepts of simple interest and compound interest and how these affected the results of your investment exercise?
Simple interest (compounded once) Initial amount(1+interest rate) Compound Interest Initial amount(1+interest rate/number of times compounding)^number of times compounding per yr
What is the number of syllables in interest?
Three
What is the phone number of the Special Interest Autos in Shawnee Oklahoma?
The phone number of the Special Interest Autos is: 405-275-5877.
What is the result of Americans and rsquo tradition of joining interest groups?
A large number of interest groups of all sizes. (Novanet)
Accrued interest vs interest payable?
Interest payable is the interest that has not yet been paid to the customer on the deposit. Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year
How can one calculate their interest?
The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.
How many interest groups may American citizens belong to at one time?
Any number (Gradpoint/Novanet)
How is simple interest calculated in banks?
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
